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- Rubrik’s (NYSE:RBRK) second-quarter results and raised guidance are indicative that the company is making “solid progress on efficient growth,” investment firm Baird said.
- Shares fell 5% in midday trading on Tuesday.
- “The focus on cyber resilience and AI-driven recovery (“validated” by recent acquisition of Own company) sets Rubrik for further growth, and while more work remains to achieve profitability, Rubrik showed its ability to deliver efficient growth-at-scale,” analyst Shrenik Kothari wrote in an investor note. Kothari has an Outperform rating and $42 price target on Rubrik.
- In addition, Rubrik’s management team said it saw no “significant changes” in the macroeconomic environment. And while they are being conservative with this, the company is likely to see a benefit from the increased important of cyber resilience inside IT budgets, Kothari explained, due in part to the recent global outage caused by CrowdStrike (CRWD).
- “Rubrik emphasized its role in efficiently recovering hundreds of customers following the global IT outage, which is something we have highlighted as a key long-term tailwind for the company,” Kothari added. “Management acknowledged that the incident triggered ‘a lot’ of discussions with customers, and is excited about the substantial opportunity ahead.”
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